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Shulman fuels Draxis fued

Article Abstract:

Draxis Health Inc. is facing a lawsuit that is allegedly financed by Morton Shulman in behalf of Jozsef Knoll, a scientist based in Budapest, Hungary, who developed Deprenyl, a drug used to reduce the progress Parkinson's and Alzheimer's diseases in humans. Leanne Hewlin, Draxis' director of legal services and general counsel, stated in an affidavit that Shulman is the real initiator of the lawsuit, and that Knoll is only a nominal plaintiff. Hewlin also noted that it was found out that Shulman agreed to pay for the cost of the litigation in return for 50% of any proceeds from the lawsuit. The lawsuit is seeking damages of C$50 million for infringement of patent rights and another C$50 million for breach of contract.

Comment:

Faces lawsuit allegedly financed by Morton Shulman in behalf of Jozsef Knoll, a scientist based in Budapest, Hungary

Draxis predicts win in proxy battle

Article Abstract:

Draxis Health Inc. of Mississauga, Ontario, has expressed confidence of defeating a proxy challenge by a group of dissident shareholders called the Draxis Shareholders Action Committee. The group on June 10, 1998, issued a proxy circular to replace four directors on a eight-member board of the health care firm, slated to be decided at a meeting on June 25, 1998. Draxis is charge by the committee of operating unimaginatively and without a strategic direction aimed at bolstering shareholder value.

Comment:

Is confident of defeating a proxy challenge from a group of shareholders calling for replacement of four directors on board

Group denied Oralife injunction

Article Abstract:

Judge Donald Cameron of the Ontario Court's General Division ruled against the injunction filed by Oralife Group Inc shareholders trying to stop the distribution of $5.4 million in cash to shareholders. The opposing shareholders said the distributed would result in the insolvency of Oralife. The distribution was approved by shareholders on Feb 1, 1999 and is part of the process of liquidating the company.